XRP’s price declined to around $1.31 on April 7th, down 2.5% over the past 24 hours. This brings its total losses for the past two weeks to 7.3% and close to 30% for the last year.
The disappointing performance comes after what seemed to be a promising rally in the middle of March, when XRP shot up to almost $1.6, but the bulls failed to sustain momentum.
Analysts now offer multiple takes on the altcoin’s current price action, but the consensus is that any positivity remains largely suppressed.
The Support Level That Must Hold XRP’s Price
Popular crypto analyst CRYPTOWZRD, who offers daily insights into XRP’s price action, stated yesterday that the altcoin painted a dragonfly doji candlestick pattern, which indicated that further upside was possible if the intraday chart managed to hold above $1.32. Unfortunately, the daily XRP candle yesterday closed indecisively, and the price is now trading below $1.31, showing indecisiveness.
According to the analyst:
A bullish move above its nearest resistance target will eventually start pushing XRP bullish. However, it might take some time considering Bitcoin Dominance’s current price behavior. XRP is currently trading above $1.3. We need a further bollush move from this location towards the $1.55 resistance.”
Ultimately, he explained that XRP’s price is tightly correlated with BTC’s and that if the latter declines below $64K, the former will decline toward the $1.07 support.
Sentiment Weakens
Data from Glassnode shows that the percentage of XRP supply in profit has declined to 43.4%, the lowest level since July 2024.
For reference, though, back in November, when the price was $2.15, 41.5% of the supply was in the red. The depressing price action is further supported by the fact that spot exchange-traded funds tracking its price continue to dig new lows, ending March as the first month in the red.
That said, it’s not necessarily true that XRP’s price is the best gauge for Ripple’s overall performance as a company. The firm recently unveiled two new product lines called Digital Asset Accounts and Unified Treasury within the Ripple Treasury platform, which now allow corporations to manage fiat and crypto side by side in a single system.
Moreover, earlier in April, the rating agency KBRA assigned a BBB issuer rating to Ripple Prime, a signal of significant credibility in the world of traditional finance.
The post XRP’s Price is Crashing Again and This Key Level Could Decide Everything appeared first on CryptoPotato.
